Not Even the Met Gala Could Mask the Crisis Facing Luxury Brands
Consumer backlash and shrinking sales in China have hit high-end retailers hard—with one big exception.
On Monday, the rich and merely famous convened in Manhattan for the annual Met Gala fundraiser. Bloomberg News’ Angelina Rascouet , who covers luxury in Paris, explains that high-end retailers hoped the soirée—which doubles as a showcase for cutting-edge fashion —would provide a much-needed boost to the sector. Plus: Australians looking to juice their retirement savings are taking crypto risks (free link) , and a look at the Texas Two-Step, a tactic companies use to avoid asbestos lawsuits.
If this newsletter was forwarded to you, click here to sign up .